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TPG awaits Asciano results before deciding on bid

Mon Aug 4, 2008 8:59pm EDT

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MELBOURNE, Aug 5 (Reuters) - Private equity group TPG [TPG.UL] plans to study Asciano Ltd's (AIO.AX) full-year results on Wednesday before deciding what to do about its A$2.9 billion ($2.7 billion) takeover proposal, which the port and rail operator has rebuffed.

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"With the results tomorrow there is no hurry," a source close to the deal said on Tuesday. TPG and Global Infrastructure Partners made a preliminary offer of A$4.40 a share in cash on Monday, conditional on successful due diligence. Asciano said the offer was too low and refused to open its books to the private equity groups. ($1=A$1.08) (Reporting by Sonali Paul)

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